Following our post about the new banking jargon, we’re now offering financial industry CEO’s the 10-Question SMART Branch Test to diagnose your pain points!
Financial institution CEO’s shouldn’t fear change; banks and credit unions (and their customers) are benefiting from the exciting innovations currently taking place in the industry. All the developments, from ITM machines to banking apps, are part of a concerted effort to make life easier for us. Customers like easy. Never forget this.
By taking this quiz, financial industry CEO’s can determine how far along the road they are towards transforming their brand into a SMARTER one.
Realizing your dream of harnessing the latest personal and digital interactive services and marketing methodologies is vital if your brand is to stay competitive.
We’ve made it as easy and obvious as possible. But not insultingly so. Well, maybe a little…we’ll start easy and work our way toward the, err, even easier questions as we go. We hope you’ll learn at least ONE NEW THING from this simple exercise. An answer key is provided at the end.
1. A “tablet” is…
a) A piece of baked clay bearing ancient Sumerian cuneiform script.
b) A mobile computer with a touchscreen display.
c) Something you take when you feel unwell.
d) A Scottish sweet made of butter, condensed milk and sugar.
2. A “dialog tower” is…
a) A radio mast.
b) Another word for an air-traffic control tower.
c) A free-standing pod that allows greater interaction between branch staff and customers.
d) The Tower of Babel, with its confusion of many languages.
3. An in-branch “hi-tech lifestyle zone” would feature…
a) Computerized treadmills.
b) Computer tablets and laptops, and possibly touch-screen interactive machines.
c) A snazzy cappuccino maker.
d) Vitamin water and energy bars.
4. How would you describe your online banking strategy?
a) “It will happen someday.”
b) “In the planning stage.”
c) “We’ve been working on an app since 2011.”
d) “Our banking apps have made life much easier for our customers.”
5. On what basis do millennials choose their bank or credit union?
a) Whichever branch has the most bells and whistles.
b) The one with the coolest phone apps.
c) The branch most convenient to their work or home.
d) The one that can afford a Super Bowl ad.
6. Social Media is an effective tool for…
a) Reaching existing and potential customers with new offers and services.
b) Dealing with customer issues and other negative feedback.
c) Creating a buzz around the brand which followers will share.
d) All of the above.
7. Optimal branch size is…
a) 4,500 Sq. Ft.
b) 900 Sq. Ft.
c) 2,800 Sq. Ft.
d) There is no optimal branch size, branches must be custom designed for each situation.
8. Online banking correlates closely with…
a) Customer loyalty.
b) Customer satisfaction and convenience.
c) Customer affluence.
d) All of the above.
9. The role of financial branch staff is moving towards…
a) A more retail-style personalized “concierge” experience.
b) Cross-trained employees fluent in all financial services.
c) Being more responsible for building relationships with customers.
d) All of the above.
10. The percentage of consumers who prefer to open new accounts in a physical branch is…
a) 18%
b) 30%
c) 75%
d) 4%
Answer Key:
1. b
2. c
3. b
4. d
5. c
6. d
7. d
8. d
9. d
10. c
Marks out of ten:
< 3 = You’re visiting us through a time-portal from Ancient Babylon.
3 – 5 = Seek professional help.
6 – 8 = You’re ready to embrace the new banking lingo.
9 – 10 = Sign up here for the quarterly Ground Up newsletter – you’re a pro!
* Lead photo in this piece is by Alex Proimos.